BILL PURPOSE:
Reduces the rates of fees charged by the Securities and Exchange Commission
(SEC) for securities transactions, and eliminates the general revenue
component of such fees; also establishes pay parity for employees of
the SEC with other financial regulatory agencies.

OMB ESTIMATE:
P.L. 107-123 decreases revenues by eliminating the general revenue portion
of the fees charged by the SEC for securities transactions.

(Fiscal
years; in millions of dollars)

2001

2002

2003

2004

2005

2006

Net
costs....................................

0

1,455

1,947

2,174

2,429

2,716

CBO ESTIMATE:

(Fiscal
years; in millions of dollars)

2001

2002

2003

2004

2005

2006

Net
costs....................................

0

1,261

1,804

1,984

2,152

2,317

EXPLANATION
OF DIFFERENCES BETWEEN OMB AND CBO ESTIMATES:

CBO scores
pay-as-you-go costs of $9.5 billion over the 2002 through 2006 period,
$1.2 billion less than OMB. This difference is due to the fact that
CBO's baseline estimate for these fees was lower than OMB's.